Last Monday I opened a long position at 112.85 because I was thinking that it was going to bounce off of the lower trendline. Well it did but then I put my SL too tight at 112.0 so I was stopped out. One thing I learned from this trade is to wait for price to bounce instead of going in while it’s still going down. Then I remembered something I learned from crypto trading before that going in while price is going down is like catching a falling knife.

I planned to enter again (on the candle where there’s a blue arrow pointing upwards) after I was stopped out. I thought that I’d enter after price has bounced off of the lower trendline. This is where I was able to use 3 Ducks. Using 3 Ducks I saw that for H4, H1, and M5, the ducks were lined up for a short. I didn’t take the trade but at least I didn’t make another mistake of going long because I was thinking that price would bounce.

As I’ve mentioned I’ll be observing and looking for trades for USDJPY and EURUSD. I was able to enter trades for both this week using 3 Ducks. Also, I checked the D1 charts for both to see if they are good trades to enter.

For USDJPY, I think I had problems on the psychological side after being burned when I entered while price was going down. This time I felt like I entered too late. I went long at 112.8 and set my TP at 113.2. I feel like I should have entered around 112.578-112.6.